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📚 Handling FOMO in Web3

🤔 Wait, WhoTF is Billy Luedtke!?

Poorly formed/communicated thoughts regarding questionable topics | 30 minutes everyday

Billy Luedtke on Medium

Exploring healthy balance in a world of endless opportunity

Most people I know “in crypto” are presently struggling with an overwhelming amount of FOMO caused by the endless sea of crypto/web3 opportunities.*UJo_D2aFNwZ86h_-heT5YQ.png

For many of us, this meme hits far too close to home.

People who consider themselves “free” have been voluntarily enslaved by the machines and industry of innovation.

Every day, there are countless promising projects announcing, raising, and launching.

Every day, there are multiple chances to 10–1000x your money.

Every day, you have the opportunity to build things that have never been built before in the history of mankind; to change the world and shape the future in your image.

So, the FOMO is warranted. It is not unnatural. We have — for the first time in a long time — broken free of the chains of monotony and stagnation, and escaped into a world of boundless opportunity. We are pioneers exploring a new frontier, and we are rightfully addicted.

But, for many, this is a paradigm shift that is hard to manage. We are not accustomed to or prepared for this exponential flood of data, progress, and opportunity.

We have gone down the rabbit hole, with no playbook to guide us.

Although I am personally deep in the hole and at times drowning in the flood, I wanted to share what I’ve learned along the way, in hopes that it might be able to help others out there experiencing the same.

Bull markets are typically the time to drop everything and focus entirely on making the most of the period of increased volatility. And so, that has been my strategy for the past ~2 years.

However, this bull market is different. It has lasted longer than any other crypto bull market in history and shows no signs of stopping.

I think we have entered a new paradigm, where the opportunity will not fade, and we must develop mechanisms to cope.

Here are some key things I’ve been trying to keep in mind while navigating these waters:

  1. Recognize you can’t catch every win. Not even the best players in the space catch every win. Typically, those who win the biggest are those who win big a few times (2–5). If you start with $10k and 10x your money 5 times, congrats — you’re a billionaire.
  2. Never look back, and recognize you’ll NEVER buy and sell at the perfect time. Don’t think about what could have been if you just “sold a little later” or “bought a little sooner”. Sure, learn from your mistakes, but never dwell on the past — it will distract you from the present and the future.
  3. You’re NOT too late. Remember that you can do and build ANYTHING, even things that have already been built. Example — Binance was founded in 2017. FTX was founded in 2019. The market was already saturated with tons of exchanges; these exchanges just did it better, and now dominate the market.
  4. The industry is now TOO BIG to be aware of everything. Years ago, it was possible to track every nook and cranny of the crypto market. Now, it’s quite literally impossible. Find the things you like & understand, and focus on that niche. Web3 is no longer “one thing” — it is an amalgamation of infinite different things, each with its own ideals, subcultures, tech, etc. Trying to track “all of Web3” and capitalize on every opportunity is like trying to track the entire “internet”.
  5. Know your niche really well and take big, high conviction bets with your time and your money. You should be betting on things that you WANT to go down in the short term so that you can buy more or build without competition. If you’re not excited when the price of something drops, reevaluate your position — you should only be making bets on the back of high conviction; otherwise, you are gambling. This is the only way to survive the long term.
  6. Play positive-sum games. Don’t waste your time with scams. This is gambling in its truest form. Sure, it feels good to go 10x in a couple of hours, but this is not sustainable and you will surely give it all back to the system — whether you’re an investor or a builder — if you continue to gamble with your time and money.
  7. Create a regimented schedule. Set time aside for Web3, but also set time aside for other things. Live your life. Don’t let one area of your life creep over into the others. Remember to stay balanced and focus on your health, your friends, your family, etc. Web3 is a fun game, but don’t lose track of the bigger game — the game of life. The game of life is a superset of the game of Web3 and, by nature, is infinitely richer.
  8. Set goals. Granular goals, not “I want to be successful”. What does “success” mean to you? What do you want your life to look like in 5 years' time? Without goals, you’ll be aimlessly pivoting without focus, unsure whether or not you’re doing the right thing. It is easy to get lost. It is easy to feel like you’re making progress due to the instant gratification that is embedded in many Web3 games. If you don’t know what your goals are & don’t explicitly set them, you might end up accomplishing goals that don’t resonate with how you want to live your life; or end up accomplishing nothing at all. Goals allow you to bring intentionality to your actions.
  9. Track your progress. Without measurable progress, you’ll have no idea if you’re closer to achieving your goals from one day to the next. Tracking progress also allows you to stick to your regimen — or to change your regimen if it is no longer suiting your goals. If you can visibly see progress being made, you’re more likely to feel accomplished when completing tasks and will thus be more likely to continue striving for your goals. Everything good in life takes time — seemingly insurmountable goals ARE insurmountable unless you chip away at them day after day. Everything is possible; you just need to keep at it.
  10. Have fun. Life is too short to not be having fun. If you’re not having fun doing what you’re doing, do something else. If you can’t do “something else” due to your life circumstances, try to make the things you’re doing as fun as possible. “Having fun” is an attitude you can approach every situation with; it’s not a result of the action itself. Even the most “enjoyable” things aren’t fun unless you make them fun.

Anyways, these are probably things you already know — but sometimes, it’s good to hear them again.

Don’t give in to the FOMO. Be mature and intentional. Do the thing. Live your life. You’re free now; might as well get good at it.

Billy Luedtke